By Radhika Anilkumar (Reuters) – Holiday Inn owner IHG missed full-year revenue expectations as it was impacted by COVID-19 curbs in China, while a $750 million share buy-back did little to cushion a drop in its share price on Tuesday. While the tourism industry is seeing a gradual recovery since the pandemic brought businesses to…
TOKYO (Reuters) – Japan kept its assessment of the economy unchanged in February as consumer spending remained on a recovery trend despite soft exports and factory output due to the global economic slowdown. The government also retained its caution over the impact of global monetary tightening, price hikes and supply constraint in its monthly report….
(Reuters) -Holiday Inn-owner IHG Plc reported higher full-year profit on Tuesday, helped by strong occupancy demand during the holidays and higher room prices, and said it would buyback shares worth an additional $750 million in 2023. Hotel operators have benefited as people are now spending more on travel and booking longer hotel stays after pandemic…
By Anshuman Daga and Lawrence White SINGAPORE/LONDON (Reuters) -HSBC’s quarterly profit surged 92% as rising interest rates swelled net interest income, but its Hong Kong shares fell 2% as a cautious outlook left investors pondering whether the rates boost may already have peaked. The London-headquartered bank said on Tuesday it intended to pay a special…
By Chris Taylor NEW YORK (Reuters) – Eytan Morgenstern is facing a very expensive dilemma. The 36-year-old public relations professional has an opportunity to check something off his life ‘bucket list’: Seeing his favorite band, Metallica, play live. One problem: They are not coming to his city of Jerusalem, so he is considering going to…
SINGAPORE/LONDON (Reuters) -HSBC Holdings on Tuesday reported quarterly profit nearly doubled, beating estimates, as rising interest rates swelled net interest income, prompting Europe’s largest bank to offer long-suffering investors a dividend and buyback bonanza. The London-headquartered bank said it intended to pay a special dividend of $0.21 per share, as a priority use of the…
By Ankur Banerjee SINGAPORE (Reuters) – Asian stocks edged lower on Tuesday as the prospect of the U.S. central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the minutes of the latest Federal Reserve meeting for further monetary policy clues. MSCI’s broadest index of Asia-Pacific shares outside Japan…
By Sameer Manekar and Melanie Burton (Reuters) -Global miner BHP Group reported a steeper-than-expected 32% fall in first-half profit owing to a drop in iron ore prices, sending its shares down, although it flagged a brightening outlook in China, its biggest customer. China’s strict zero-COVID-19 policy curtailed economic activity and dented demand over the past…
By Anant Chandak BENGALURU (Reuters) – The Bank of Korea will hold its base interest rate at 3.50% on Thursday and for the rest of this year, suggesting its longest tightening cycle on record is over despite still high inflation, a Reuters poll of economists found. After raising rates by 300 basis points since August…
(Reuters) – Australian grocer Coles Group Ltd on Tuesday posted a jump in first-half profit helped by benefits from its cost reduction program with normalized trading conditions also bringing down pandemic-related costs. Australia has been reeling under red-hot inflation which shot to a 33-year high last quarter, helping supermarkets churn in strong earnings on the…
